Revenue charges Capital Gains Tax (CGT) from the gains you make selling, transferring or disposing of assets. There are different types of assets that are subjected to CGT. These include precious metals, bonds, and stocks among others.
What You Need To Know
CGT legislation is quite complex. But there are many exemptions and reliefs you can leverage to save on taxes. It’s therefore advisable to engage the services of CGT experts to prepare your CGT computations, help you claim relevant reliefs, and calculate due tax liabilities.
If you are planning to dispose of personal assets or your business (part of it or all), our tax experts will advise you on tax planning opportunities you can take advantage of when selling your assets. This will help you to mitigate or reduce your potential tax liabilities.
CGT Exemptions And Reliefs
We’ve mentioned that you might be entitled to some reliefs and exemptions on your CGT. But did you know that you are eligible for a personal exemption of the first €1,270 of CGT every year?
The types of reliefs you are eligible for depends on your personal circumstances, the type of asset, and the method through which you obtained or sold the asset. But for you to enjoy these reliefs, you have to declare the income you make from these sales to Revenue.
Some gains that may be exempt from CGT include:
- Private motor cars
- Moveable property below €2,540
- Animals
- Life insurance policies
- Government stocks
- Bonuses earned from the National Instalments Savings Scheme
- Sweepstakes
- Lottery winnings
- Betting
Get In Touch
You can arrange a free consultation with Conway and Conway in person or via video chat. You will get to know more about CGT and how we can help you to save more on taxes. Reach out to us.